Indonesia: Exports rebound in March
May 2, 2014
Exports increased 1.2% over the same month last year in March. The result contrasted the 2.5% decline observed in February. Non-oil and gas exports, which account for the majority of Indonesian shipments, expanded 3.9% in March (February: -4.4% year-on-year). Oil and gas exports contracted 9.8% (February: +6.3% yoy). Meanwhile, imports contracted 2.3% in March, which was an improvement over the 9.9% decrease recorded in February.
The trade balance narrowed from a USD 843 million surplus in February to a USD 673 million surplus in March, which surpassed the USD 138 million surplus recorded in the same month last year. Moreover, the print exceeded market expectations of a USD 520 million surplus. Meanwhile, the 12-month moving sum of the trade balance posted a shortfall of USD 2.8 billion, which was smaller than the USD 3.3 billion deficit observed in February.
FocusEconomics Consensus Forecast panelists expect exports to expand 4.5% and the trade balance to reach a USD 3.4 billion surplus in 2014. For 2015, the panel expects exports to grow 8.8% and the trade surplus to reach USD 5.9 billion.
Author: Carl Kelly, Economist